本研究同時考量公司治理與資訊揭露兩個構面探討是否對於公司募集權益資金成本有所影響。
本研究實證樣本為我國517家上市公司2005年至2009年的資料。結果發現，公司治理因子（獨立董監事、董監事股權質押、監察人占董事會），獨立董監事和監察人占董事會越高，權益資金成本越低，董監事股權質押則與權益資金成本呈顯著正相關。資訊揭露對於權益資金成本的影響上，未達統計上的顯著，若進一步區分資訊揭露程度下降（DISDOWN）與資訊揭露程度上升（DISUP）後對權益資金成本有顯著影響。

The study considers both corporate governance and information disclosure to explore their impact on cost of equity capital.
The empirical sample consists of 517 listed companies from 2005 to 2009 data. The results showed that corporate governance factors（ratio of independent board members, ratio of directors and supervisors’ stock pledge, ratio of supervisor/board）all are significantly influence the cost of equity capital. Information disclosure does significantly influence the cost of equity capital. After further classifying the information disclosure into up-status and down-status, information disclosure become significantly influence cost of equity capital.

目　錄 頁次
圖目錄 VII
表目錄 VIII
第一章 緒論 1
1.1 研究動機與背景 1
1.2 研究目的 5
1.3 研究流程 5
第二章 文獻探討 8
2.1 公司治理 8
2.1.1 公司治理的性質 8
2.1.2 公司治理的探討 10
2.2 公司治理和權益資金成本之關係 13
2.3 資訊揭露的性質 16
2.3.1 資訊揭露的探討 16
2.3.2資訊揭露和資訊不對稱 19
2.4 資訊揭露和權益資金成本之關係 20
2.4.1資訊揭露與資金成本 20
2.4.2資訊揭露和權益資金成本 22
第三章 研究設計 26
3.1 樣本選取與資料來源 26
3.2 變數衡量與假說建立 26
3.2.1應變數 28
3.2.2自變數定義與假說建立 30
3.2.3控制變數 34
3.3 研究方法 37
第四章 實證分析 45
4.1 敘述統計 45
4.2 相關分析 47
4.3 追蹤資料模型分析之實證結果 49
第五章 結論與建議 55
5.1 結論 55
5.2 研究建議 58
參考文獻 59
中文部份 59
英文部份 62





圖目錄
圖1-1 研究流程圖 7


表目錄
表3-1 變數說明表 27
表4-1 敘述統計表 46
表4-2 相關係數表 48
表4-3共線性檢定表 49
表4-4 權益資金成本與自變數和控制變數之追蹤資料模型分析(固定效果) 54

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